The Euro cracked pivotal Fibo barrier at 1.2102 (61.8% of 1.2349/1.1704) in early Monday and hit a two-month high (1.2116 – bear-trendline off 1.2349 peak) in extension of Friday’s 0.68% rally (the biggest one-day advance since Feb 5).
The pair maintains firm bullish tone as third straight week of gains and Friday’s close above daily cloud top added to positive signals.
Bullish daily studies support the action as traders await German IFO data for fresh signals.
German business sentiment is expected to rise further (forecast for April at 97.8 is the highest since May 2019) with upbeat results to further lift the single currency.
Bulls look signal on close above 1.21 zone (Fibo / trendline resistance) that would open way towards next target at 1.2197 (Fibo 76.4%).
Session low (1.2088) marks initial support, followed by daily cloud top (1.2060) which should limit dips and keep bulls intact.
Caution on dip below 1.2020/00 (10DMA / psychological) which would sideline bulls.
Res: 1.2116, 1.2149, 1.2197, 1.2242.
Sup: 1.2088, 1.2060, 1.2020, 1.2000.
